Cast your mind back to July, 2017. Donald Trump had been in office for six months and he cobbled together a job initiative talking point, to his great delight. Taiwan-based Foxconn agreed to invest $10 Billion in a factory in Wisconsin, which would create 13,000 new jobs. Steve Bannon, who authored the American Carnage inaugural address was ecstatic. Here was Trump’s chance to unshutter those shuttered factories, to restore America’s role as a tech giant, to bring the Chinese to their knees, oh, it was grand. And today? Not kaput totally, but greatly downsized from the original grandiose Eighth Wonder of the World that Trump proudly proclaimed this endeavor to be. Not a flop, but definitely a fizzle, a mere shadow of the original vision. CNBC:
For Foxconn, the investment promise was an opportunity for its charismatic founder and then-chairman, Terry Gou, to build goodwill at a moment when Trump’s trade policies threatened the company’s cash cow: building Apple’s iPhones in China for export to America.
Foxconn, the world’s largest contract manufacturer of electronic devices, proposed a 20-million-square-foot manufacturing campus in Wisconsin that would have been the largest investment in U.S. history for a new location by a foreign-based company.
It was supposed to build cutting-edge flat-panel display screens for TVs and other devices and instantly establish Wisconsin as a destination for tech firms.
But industry executives, including some at Foxconn, were highly skeptical of the plan from the start, pointing out that none of the crucial suppliers needed for flat-panel display production were located anywhere near Wisconsin.
It was not thought through at the inception and that makes sense since the Taiwan company felt itself somewhat cornered and all Trump gave a damn about was getting something on the six o’clock news that would make him look good. So the problems began early on over the wisdom of a taxpayer giveaway, especially one of that size, to a foreign country. Then there were the issues with the water rights and the village where the plant is located paid over $152 Million to acquire 132 properties and houses, most of which got demolished, through eminent domain — plus $7.9 Million in relocation costs. This was a pricey endeavor on so many levels.
Then on Tuesday, Foxconn announced it will downsize its planned investment down to $672 million, which is a far cry from $10 Billion and the eighth wonder of the world, and the number of new jobs will now be 1,454 instead of 13,000. Ouch.
But, on the bright side, at least the adults are in charge.
Wisconsin Governor Tony Evers said the new agreement will save Wisconsin taxpayers “a total of $2.77 billion compared to the previous contract, maintain accountability measures requiring job creation to receive incentives, and protect hundreds of millions of dollars in local and state infrastructure investments made in support of the project.”
So much for what happens when the main thrust of a project is Trump playing P.T. Barnum, on the one hand, and a foreign investor trying to figure out how to humor the madman and survive, on the other. At least we don’t have to wake up to that scenario every day. I’m surprised that Trump didn’t negotiate to have his head on a sphinx at the entry to this marvel. Or maybe he did, and we just haven’t found out yet.
It is hardly as simple as the “field of dreams”; i.e., if you build it, they will come. Typical of that former guy to make grandiose proclamations that he spent less than 5 minutes giving any thought to. To really make that happen, they needed the roads, the bridges, the power grid, and, most of all, the personnel.
Some businessman he showed himself to be. A businessman thinks about logistics, plans and considers the real costs and effort involved. I’d be overjoyed to see our industry spread out over the whole USA. However, if you want Wisconson to be a mecca of high tech, you are talking about decades, not a cheesy few months for a cheap political show.
Trump never met a business he couldn’t bankrupt. I doubled up laughing over this one, though. This was going to be The Eighth Wonder Of The World. What world? Not this one.
He who shall not be named lives in a world of one.
This world has reached its full saturation point with DJT … There was never room at the Inn for Trump, he just lied and bullied his way in … He IS in fact impotent in many ways he has been a failure at so many things, played a LOT of golf, couldn’t even do that without cheating, NEVER WAS a president … and NEVER will again …
He only knows his ancient rhetoric, ad nauseum, so all his problems seem to be coming true at once and soon … he WILL go down, the attack on our Capitol was probably the worst thing, next to stating his love for Putin over our own intel … he HAS earned all the arrows front AND back that he is going to catch … Oh hell, we just need to invest in a popcorn factory … the GOP has a LOT of wrinkles to iron out and it may be too late to recover … Gym Jordon has become the losing image of that sorry crew, Cruz is the new liar in chief …
I see what you did there with the ‘cheesy’ comment. Good one…..
Boasted 13,000 new jobs…….reality, 1500.
Not surprising coming from a guy that walks around holding his 2 inch dick like a baseball bat.
*smirk*
Trump’s new slogan should be “Epic fail”